Pringle Corporation has been authorized to issue20,400shares of $100par value,8%, noncumulative preferred stock and1,070,000shares of no-par common stock.

The corporation assigned a $5stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders equity.

Preferred Stock	$144,300
Paid-in Capital in Excess of Par ValuePreferred Stock	20,270
Common Stock	2,230,000
Paid-in Capital in Excess of Stated ValueCommon Stock	1,599,000
Treasury Stock (5,140common shares)	56,540
Retained Earnings	83,800

The preferred stock was issued for $164,570cash. All common stock issued was for cash. In November5,140shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014.

On January 1, 2014, Everett Corporation had these stockholders equity accounts.

Common Stock ($10par value,86,200shares issued and outstanding)	$862,000
Paid-in Capital in Excess of Par Value	513,800
Retained Earnings	691,000

During the year, the following transactions occurred.

Jan. 15	Declared a $0.50cash dividend per share to stockholders of record on January 31, payable February 15.
Feb.15	Paid the dividend declared in January.
Apr.15	Declared a10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $13per share.
May15	Issued the shares for the stock dividend.
Dec.1	Declared a $0.70per share cash dividend to stockholders of record on December 15, payable January 10, 2015.
Dec.31	Determined that net income for the year was $365,000.

Pringle Corporation has been authorized to issue 20,400 shares of $100 par value, 8%, noncumulative preferred stock and 1,070,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par ValuePreferred Stock Common Stock Paid-in Capital in Excess of Stated ValueCommon Stock Treasury Stock (5,140 common shares) Retained Earnings $144,300 20,270 2,230,000 1,599,000 56,540 83,800 The preferred stock was issued for $164,570 cash. All common stock issued was for cash. In November 5,140 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1 Issuance of preferred stock for cash. ) (2 Issuance of common stock for cash. ) (3 Purchase of common treasury stock for cash. )No Account Titles and Debit . Explanation Credit 1. Show List of Accounts Link to Text Link to Text Link to Text 2. Prepare the stockholders' equity section of the balance sheet at December 31, 2014. PRINGLE CORPORATION Partial Balance Sheet 3. December 31, 2014 $ $ $ : $ On January 1, 2014, Everett Corporation had these stockholders' equity accounts. Common Stock ($10 par value, 86,200 shares issued and outstanding) $862,000 Paid-in Capital in Excess of Par Value 513,800 Retained Earnings 691,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $13 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2015. Dec. 31 Determined that net income for the year was $365,000. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat Account Titles and e Explanation Debi Credi t t (To close net income) (To close stock dividends) (To close cash dividends) Show List of Accounts Link to Text Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entries posted in the previous part) Common Stock Retained Earnings Paid-in Capital in Excess of Par Value Cash Dividends Common Stock Dividends Distributable Stock Dividends Show List of Accounts Link to Text Link to Text Prepare the stockholders' equity section of the balance sheet at December 31. EVERETT CORPORATION Partial Balance Sheet December 31, 2014 $ $ Show List of Accounts Link to Text Link to Text Link to Text Calculate the payout ratio and return on common stockholders' equity. (Round answers to 1 decimal place, e.g. 12.5%.) Payout ratio % Return on common stockholders' equity %